KUALA LUMPUR (Aug 18): Time dotCom Bhd posted a near 20-fold jump in net profit to RM2.26 billion for the second quarter ended June 30, 2023 (2QFY2023) from RM118.28 million a year earlier, thanks to a RM2.26 billion gain from the divestment of its stakes in AIMS Data Centre Holding Sdn Bhd (AIMS) and AIMS Data Centre (Thailand) Ltd (AIMS TH).
The deal with the US digital infrastructure assets firm DigitalBridge Group Inc, which was announced in November last year, entailed the divestment by Time of 49% of the ordinary shares and 100% of the irredeemable convertible preference shares in AIMS, as well as 21% of the shares in AIMS TH.
Earnings per share ballooned to 123.08 sen from 6.48 sen in 2QFY2022, the group’s bourse filing on Friday (Aug 18) showed.
Revenue for the quarter also increased by 10.74% to RM389.2 million from RM351.44 million previously.
The group declared a special interim dividend of 16.25 sen per share, payable on Sept 15.
For the first six months of FY2023, Time's net profit rose by 11 folds to RM2.38 billion from RM208.92 million in the same period of FY2022, as revenue expanded 10.74% to RM757.62 illion from RM697.98 million.
“The group’s performance for the first half of 2023 has been heavily influenced by the AIMS’ strategic partnership, which the group successfully closed on April 20, 2023. As a result of the proceeds received from this strategic partnership, Time is well-positioned to accelerate its expansion plans for its network coverage and product suite,” Time's commander-in-chief Afzal Abdul Rahim said in a statement.
He added: “We are confident the strategic decisions we have made will continue to yield results for the group in the long run. However, we remain vigilant and continue to keep an eye on external conditions that may impact the business.”
Time said it is committed to investing in its network, which includes the expansion of its coverage footprint alongside improving operational excellence in order to deliver high network reliability, availability and security for the highest level of customer experience.
The group added that it continuously refines its strategies to capture opportunities that arise, to solidify its position across its retail, enterprise and wholesale customer segments.
Shares in Time closed down four sen or 0.73% at RM5.43 on Friday, giving the group a market capitalisation of RM10.03 billion.